INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES (Tables)
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3 Months Ended |
Jun. 30, 2026 |
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| Insurance [Abstract] |
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| Schedule of Insurance and Reinsurance Receivables |
As of June 30, 2026, and March 31, 2026, insurance and reinsurance receivables of the Group were comprised of the following:
Insurance contract assets
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June 30, 2026 |
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March 31, 2026 |
| Assets: |
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| Claims receivable from reinsurance |
$ |
26,834 |
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$ |
25,235 |
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| Amounts due from policyholders |
23,214 |
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9,802 |
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| Amounts due from reinsured |
8,235 |
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7,782 |
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Advances paid for reinsurance |
2,199 |
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2,890 |
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| Less provision for impairment losses |
(20,989) |
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(17,595) |
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| Insurance and reinsurance receivables |
$ |
39,493
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$ |
28,114
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| Unearned premium reserve, reinsurers’ share |
11,081 |
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3,790 |
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| Reserves for claims and claims' adjustment expenses, reinsurers' share - short-duration |
6,437 |
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4,945 |
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| Total |
$ |
57,011
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$ |
36,849
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| Deferred acquisition costs - long-duration contracts |
$ |
1,262
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$ |
1,266
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| Schedule of Insurance and Reinsurance Payables |
As of June 30, 2026, and March 31, 2026, insurance and reinsurance payables of the Company was comprised of the following:
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June 30, 2026 |
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March 31, 2026 |
| Liabilities: |
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Amounts payable to insured |
$ |
5,772 |
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$ |
5,058 |
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Amounts payable to reinsurers |
8,144 |
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2,248 |
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| Amounts payable to agents and brokers |
429 |
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|
334 |
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| Insurance and reinsurance payables: |
$ |
14,345
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$ |
7,640
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| Unearned premium reserve |
109,450 |
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95,573 |
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| Reserves for claims and claims' adjustment expenses - short-duration |
56,049 |
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58,463 |
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| Liability for future policy benefits |
398,552 |
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328,288 |
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| Deferred profit liability |
189,699 |
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163,943 |
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| Total |
$ |
768,095
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$ |
653,907
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| Liability for Future Policy Benefit, Activity |
The table below presents the Long-Duration Contracts disaggregated into the present value of expected net premiums ("PVENP") and the present value of expected future policy benefits ("PVEFPB"). The net LFPB equals PVEFPB minus PVENP. All amounts are net of reinsurance.
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| Liability for Future Policy Benefits — Rollforward |
June 30, 2026 |
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March 31, 2026 |
| Present Value of Expected Net Premiums (PVENP) |
| Balance, beginning of period |
$ |
4,985
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$ |
4,787
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| Effect of discount rate change (to OCI) |
10 |
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187 |
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| Effect of cash flow assumption changes |
(410) |
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(377) |
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| Effect of actual vs. expected experience |
(205) |
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297 |
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| Interest accrual |
659 |
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558 |
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| Issuance expense |
74,239 |
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129,511 |
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| Net premiums collected |
(73,761) |
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(130,230) |
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| Effect of foreign currency translation |
(26) |
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252 |
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| Balance, end of period |
$ |
5,491
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$ |
4,985
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| Liability for Future Policy Benefits — Rollforward |
June 30, 2026 |
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March 31, 2026 |
| Present Value of Expected Future Policy Benefits (PVEFPB) |
| Balance, beginning of period |
$ |
333,273
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$ |
216,171
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| Effect of discount rate change (to OCI) |
3,361 |
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|
1,068 |
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| Effect of cash flow assumption changes |
(2,187) |
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(1,872) |
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| Effect of actual vs. expected experience |
(9,683) |
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28,571 |
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| Interest accrual |
47,856 |
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24,166 |
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| Issuance expense |
76,321 |
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131,127 |
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| Benefit payments |
(18,685) |
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(34,997) |
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| Surrender / termination payments |
(24,059) |
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(50,563) |
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| Effect of foreign currency translation |
(2,154) |
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19,602 |
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| Balance, end of period |
$ |
404,043
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$ |
333,273
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| Liability for Future Policy Benefits, net |
$ |
398,552
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$ |
328,288
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| Additional Liability, Long-Duration Insurance |
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June 30, 2026 |
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March 31, 2026 |
| Undiscounted PVEFPB |
43,430 |
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40,626 |
| Undiscounted PVENP |
11,060 |
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8,083 |
| Discounted PVEFPB |
19,939 |
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18,776 |
| Discounted PVENP |
5,491 |
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4,985 |
| Weighted-average duration of the liability (years) |
3.8 |
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5.5 |
| Weighted-average interest accretion (original locked-in) rate in KZT |
13 |
% |
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12 |
% |
| Weighted-average current discount rate at balance sheet date in KZT |
16 |
% |
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14 |
% |
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June 30, 2026 |
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March 31, 2026 |
| Undiscounted PVEFPB |
1,001,611 |
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726,403 |
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| Undiscounted PVENP |
— |
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— |
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| Discounted PVEFPB |
384,104 |
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314,350 |
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| Discounted PVENP |
— |
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— |
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| Weighted-average duration of the liability (years) |
3.5 |
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3.1 |
| Weighted-average interest accretion (original locked-in) rate in KZT |
15 |
% |
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14 |
% |
| Weighted-average current discount rate at balance sheet date in KZT |
16 |
% |
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15 |
% |
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| Deferred Policy Acquisition Costs |
The following table presents the rollforward of DAC attributable to long-duration contracts. Effective April 1, 2025, DAC is amortized on a straight-line basis over the expected contract term. DAC attributable to short-duration contracts continues to be amortized over the one-year policy period and is not presented separately.
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| Deferred Acquisition Costs — Long-Duration Contracts |
June 30, 2026 |
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March 31, 2026 |
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| Balance, beginning of period |
$ |
1,266
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$ |
1,100
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| Capitalizations — new business written |
124 |
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499 |
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| Amortization (straight-line, contract term) |
(64) |
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(170) |
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| Impairment / write-off |
(60) |
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(229) |
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| Foreign currency translation |
(4) |
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66 |
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| Balance, end of period |
$ |
1,262
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$ |
1,266
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| Schedule of Liability for Unpaid Claims and Claims Adjustment Expense |
Rollforward Table
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June 30, 2026 |
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March 31, 2026 |
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| Gross reserves, beginning of the period |
$ |
58,463 |
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$ |
84,023 |
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| Less: reinsurers' share, beginning of the period |
(4,943) |
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(3,420) |
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| Net reserves, beginning of the period |
53,520
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80,603
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| Claims and CAE Incurred: |
| Current period |
21,770 |
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80,105 |
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| Prior periods — (favorable) / adverse |
653 |
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(23,661) |
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| Total incurred |
22,423
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56,444
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| Claims and CAE Paid: |
| Current period |
(12,054) |
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(74,206) |
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| Prior periods |
(14,099) |
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(11,257) |
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| Total paid |
(26,153) |
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(85,463) |
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| Foreign exchange effect |
(178) |
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1,936 |
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| Net reserves, end of the period |
49,612
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53,520
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| Plus: reinsurers' share, end of the period |
6,437 |
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4,943 |
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| Gross reserves, end of the period |
$ |
56,049
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$ |
58,463
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